Facebook Inc is in advanced talks to acquire Israeli mobile satellite
navigation startup Waze for $800 million to $1 billion, business daily
Calcalist reported on Thursday.
Due diligence is underway after a term sheet was signed, Calcalist said, adding that talks began six months ago.
uses satellite signals from members' smartphones to generate maps and
traffic data, which it then shares with other users, offering real-time
Officials at Waze declined to comment on the report.
and Facebook partnered in October 2012 when Waze released its updated
version that allows users to share their drive with their Facebook
This would be Facebook's third acquisition in Israel. It
bought Snaptu in 2011 for $70 million and Face.com in 2012 for $60
In the last year, Waze tripled its user base to 45
million and in March alone, 1.5 million users downloaded the free mobile
navigation app, Calcalist said.
© Thomson Reuters 2013